December 5, 2017 / 10:20 AM / 11 days ago

UAE lowers November oil output to better comply with pact: industry sources

DUBAI (Reuters) - The United Arab Emirates’ crude oil output in November fell to around 2.9 million barrels per day (bpd), industry sources said on Tuesday, as the Gulf OPEC member looks to increase its compliance with a global pact to curb production.

The UAE reported output of 2.950 million bpd in October.

It declined in November due to oilfield maintenance and as it aims to honor its commitment to the supply-cut agreement, the sources told Reuters.

The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to extend oil output cuts until the end of 2018 to help lower global inventories and support prices.

Compliance by participating producers has topped 100 percent in the past couple of months, however, the UAE’s compliance has been lower because it is using a higher baseline for its cut than the one stipulated in the agreement.

But the UAE, which will hold OPEC’s presidency next year, has been slashing oil exports in a bid to demonstrate its commitment.

State-owned Abu Dhabi National Oil Co. (ADNOC) said last week it has cut oil supplies to customers for January by reducing Murban grade by 15 percent, Das grade by 5 percent and Upper Zakum by 15 percent.

Reporting by Rania El Gamal; editing by Jason Neely

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